Global media group Bertelsmann backs Web 3.0-focused crypto fund

Berlin-based venture firm Greenfield One has attracted investors for its second fund to invest in cryptocurrency startups. Among them is Bertelsmann, the media group behind Penguin Random House and the record label BMG, reports CoinDesk

Greenfield One’s activity is regulated by Germany’s Federal Financial Supervisory Authority (BaFin). The venture firm says this gives it an edge in the eyes of institutional investors.

“We deliberately structured our funds as an [simple_tooltip content=’Onshore companies are registered in economically developed countries where high tax rates apply’]onshore[/simple_tooltip] product to provide a high level of clarity and comfort for investors who have not yet gained access to cryptocurrencies. This increased the workload, but will pay off in the long run,” said Greenfield One co-founder Sebastian Bloom,

The first fund, launched in 2018, invested in projects such as NEAR, Spacemesh, Arweave and Dapper Labs.

“We cannot rule out the migration of existing Ethereum applications to other blockchains. We cannot ignore this, though we remain long-term bulls on the second-largest cryptocurrency,” stressed Bloom.

The second fund is expected to focus on investments in blockchain projects aimed at building Web 3.0 infrastructure.

Earlier in September, Joseph Lubin, head of the Ethereum company ConsenSys, announced the creation of a new company for the development of Web 3.0 and DeFi.

Earlier in an exclusive ForkLog interview, Blockstack cofounder and CEO Munib Ali expressed confidence that the future of Web 3.0 is inextricably linked to Bitcoin.

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